First Citizens Bank’s Energy Finance group, based in Raleigh, N.C., recently served as the sole lead arranger on a $211 million financing package for the development of the Oak Solar power plant in Gaston, N.C. The project is being undertaken by SunEnergy1 LLC, a commercial solar developer headquartered in Mooresville, N.C.

The Oak Solar facility, which will have a capacity of 200 megawatts (MW), is set to be built in two phases. As part of an exclusive agreement, the entire power output generated by the plant will be sold to the McDonald’s Corporation under a 17-year power purchase agreement. The financing package secured by First Citizens Bank includes a term loan, letter of credit, and a bridge loan.

Kenny Habul, President and CEO of SunEnergy1, expressed his satisfaction in developing this significant addition to North Carolina’s clean energy infrastructure. In addition to reducing carbon emissions by thousands of tons, the Oak Solar project will enhance the state’s power-generation capabilities, thus promoting sustainability and diversity in the energy sector.

First Citizens Bank’s Energy Finance division, a part of the CIT division, capitalizes on its industry knowledge and expertise in providing comprehensive financing solutions for both renewable and conventional power generation projects. With an extensive portfolio spanning various asset classes within the energy sector, the unit has consistently demonstrated its commitment to driving investment and economic growth alongside supporting the advancement of clean energy initiatives in North Carolina.

The arrangement of financing for the Oak Solar power plant highlights First Citizens Bank’s commitment to supporting the growth of the renewable energy sector. Through such investments, the bank continues to contribute to the overall sustainability and economic development of North Carolina.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The energy market is highly volatile, and readers should conduct thorough research before making any investment decisions.